BTC analysis for 02.20.2020 – Crash on the BTC as we expected, our both downwarrd targets are met but potential for even

By | February 20, 2020
InstaForex
BTC analysis for 02.20

Relevance up to 05:00 2020-02-21 UTC–8

Industry news:

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Brendan Blumer, the CEO of Block.one – the publisher of EOS, has said that Bitcoin isn’t money and that it never will be. However, he believes that it’s the “next generation of gold.” His tweets came as a response to Peter Schiff, who once again bashed Bitcoin.

Blumer has been consistent in his views of Bitcoin. He has previously said that it shares core values with gold, as well as supply integrity. Moreover, he also believes that “anyone egregiously attacking one in favor of the other is undermining both, while highlighting their own insecurities in regards to their chose favorite.”

Indeed, many people have compared Bitcoin to Gold in the past. One of them was the Chairman of the US Federal Reserve, Jerome Powell. He said that Bitcoin is “a store of value; it’s a speculative store of value, like gold.”

Technical analysis:

BTC has been trading downwards as I expected. Both my targets at $9.828 and $9.614 have been reached but there is still room for further downside. Watch for selling opportunities on the rallies with the next main target at the price of $9.060.

Watch for potential downside rotation if you see bear continuation pattern like bear flag on hourly or 4H time-frame. The downward target is set at the price of $9.060.

MACD oscillator is showing new momentum down, which is sign that strong sellers are active on the market.

Resistance levels are set at the price of $9.680 and $9.730

Support levels and downward targets are set at the price of $9.260 and $9.060.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

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